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as consumers and producers exerci… Show more Self-interest

as consumers and producers exerci… Show more Self-interest helps achieve society’s economic goals because as consumers and producers exercise their freedom to act in their own self-interest markets will produce the desired goods at the lowest possible cost. consumers and producers both operate based on society’s economic goals. producers know which goods consumers want the most. consumers know which goods can be produced at the lowest cost. What is produced is ultimately determined by producers because they determine what to produce. consumers because they participate in marketing surveys. producers because they are driven by profits. consumers because if the goods offered are not what consumers want, consumers will not buy them. The use of capital in the production process improves efficiency, reduces output, and provides for growth. replaces labor. is more expensive than labor. improves efficiency, increases output, and provides for growth. Consider the following statement: “The market system is a profit-and-loss system.” This statement is true, because consumers purchase only what they want, providing producers profi false, because consumers purchase only what they want, providing producers profits. true, because producer decisions are motivated by the attempt to earn profits. false, because the market system does much more than provide profits and losses. Consider the following statement: “Competition is the disciplinarian of the market economy.” This statement is true, because when producers face competition they are driven to provide goods and services at the lowest possible cost. true, because when consumers realize there is competition, they are driven to demand more goods. false, because when consumers realize there is competition, they are driven to demand more goods. false, because when producers face competition, they are driven to provide more goods and services and costs will rise. revised 4/11/11 Some large hardware stores such as Home Depot boast of carrying as many as 20,000 different products in each store. This volume of goods is the result of the purchasing agents of Home Depot who have determined what goods consumers want. the choice of consumers regarding what to purchase to satisfy their wants and the choice of producers regarding what to produce to maximize profits. the purchasing agents of Home Depot who have determined what goods producers have available. the choice of consumers regarding what to purchase to satisfy their wants and the choice of producers regarding what to produce to satisfy their wants. The emergence of the MP3 (iPod) technology is an example of “creative destruction” because it is less expensive than compact discs for the storage and transfer of music. the firms that produced compact discs now produce DVDs. it has replaced compact discs as a technology used for the storage and transfer of music. the MP3 (iPod) industry is becoming more efficient. The phrase “invisible hand” means that buyers and sellers often do not meet so the transactions are invisible. market prices provide information to consumers regarding products they wish to purchase, and to producers regarding products they wish to produce. no one person or firm actually sets the price. market prices are not always known to buyers and sellers. In market economies, firms rarely worry about the availability of inputs to produce their products, whereas in command economies input availability is a constant concern because in market economies, buyers of inputs know that sellers want to earn profits. in market economies, buyers of inputs know that consumers want the product. in command economies, input availability is determined by a market that may not provide adequate inputs. in command economies, input availability is determined by planners that may not correctly respond to consumer demand. In the circular flow model resource markets provide for the exchange of labor and product markets provide for the exchange of goods and services. resource markets provide for the goods and services and product markets provide for the exchange of exchange of labor. goods markets provide for the transfer of money and labor markets provide for the transfer of inputs. labor markets provide for the transfer of money and goods markets provide for the transfer of inputs. In the circular flow model businesses sell goods and buy labor; households buy goods and sell labor. businesses buy goods and sell labor; households sell goods and buy labor. businesses sell goods and sell labor; households buy goods and buy labor. businesses buy goods and buy labor; households sell goods and sell labor. In the circular flow model there is a flow of real goods and services and a flow of labor. real goods and services and a flow of money. labor and a flow of money. real goods and services and a flow of output. Millions of economic resources tend to get arranged logically and productively rather than haphazardly and unproductively because Millions of economic resources tend to get arranged logically and productively rather than haphazardly and unproductively because consumers would not buy products if it was any other way. markets coordinate buyers and sellers. private property owners are motivated to protect and maximize the benefits from their property. producers could not produce products if it was any other way. • Show less

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